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Karelia Will Invest Almost Two Billion Rubles in Building Two Fish Processing Plants in Kondopoga

The head of the Kareilan Republic, Artur Parfenchikov, has visited the construction sites of two fish processing plants and signed a cooperation agreement with BarentsGroup which had initiated the investment project.

Two Russian LLCs, Rybotorgovaya Set (Kondopoga) and BarentsGroup (Murmansk), are among the first companies to invest in the development of Kondopoga district, included in the list of Russia's Advanced Development Territories (ADT). These investments are aimed at building a high-capacity plant for processing cod, haddock, and other types of fish near an old non-operating processing bakery plant in Kondopoga.

New fish processing facilities are expected to employ 136 people and to be zero-waste, with cod liver oil and fishmeal being the end products of the processing cycle.

"We are going to bring fish for processing from the Barents Sea - and both investing companies have already applied for fishing quotas", - BarentsGroup's CEO, Ilia Rakovsky, said.

According to Rakovsky, eventually the investments are expected to exceed 1.8 billion rubles.

Recently, Artur Parfenchikov has inspected the progress of the construction works which are expected to be completed within the first quarter of 2019. Equipment purchase and installation is anticipated to begin in July 2018. Commissioning is set for the second quarter of 2020.

At the end of the inspection visit, a cooperation agreement between Karelia's Government and BarentsGroup was signed. Earlier, a similar agreement was signed with Kondopoga's Rybotorgovaya Set company.

"Including the monotown of Kondopoga into the list of Russia's Advanced Development Territories and establishing a special procedure for allocating fishing quotas helped us to attract investors for building new fish processing facilities", - Artur Parfenchikov said. On behalf of Karelia's Government he promised to provide maximum assistance with the registration procedures to both investors under the signed agreements.

Ilia Rakovsky thanked Karelia's Government and Kondopoga district administration for their advice and help in implementing the investment project.

"We hope to boost Karelia's fish processing industry with this new cluster of facilities, make Karelia a prominent industry actor in northwest Russia, and create new jobs to attract people to the district", - he said.

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Created: February 19, 2018. Last updated: February 19, 2018.
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